Phillip Falk: Emerson Advisor Faces Investor Complaint

McKinney, Texas financial advisor Phillip Falk (CRD# 2372997) recently received an investor complaint alleging that his conduct violated industry rules and standards. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Emerson Equity.

Mr. Falk’s BrokerCheck report discloses one investor complaint. Filed in November 2025, it alleges that as a representative of Emerson Equity, he breached contract, made misrepresentations and omissions of material facts, breached his fiduciary duty, violated FINRA rules, failed to abide by his Best Interest obligations, and violated state and federal securities law. The pending complaint alleges unspecified damages.

FINRA rules stipulate that brokers like Mr. Falk can only recommend that their clients invest in what are known as suitable investments and/or strategies. What this means, according to FINRA Rule 2111, is that brokers must “have a reasonable basis to believe that a recommended transaction or investment strategy” is appropriate for a customer’s background and objectives. According to the SEC’s Regulation Best Interest, they must arrive at this basis through reasonable diligence to understand potential risks, rewards, and costs associated with their recommendations. They are similarly required by FINRA Rule 2150 to make their recommendations without using “manipulative, deceptive or other fraudulent device[s] or contrivance[s],” while FINRA Rule 2010 requires them to “shall observe high standards of commercial honor and just and equitable principles of trade.” In other words, brokers may not make misrepresentations of material facts relating to the investments they recommend, as these misrepresentations may lead investors to purchase unsuitable products. FINRA-registered persons who advise their clients to invest unsuitably be found liable in the event of losses.

According to the Financial Industry Regulatory Authority, Phillip Falk holds 32 years of securities industry experience. Based in McKinney, Texas, he has been registered as a broker and an investment advisor with Emerson Equity since 2021. His registration history includes FourStar Wealth Advisors, Center Street Securities, Great Point Capital, BlueSkye Investment Advisers, Great Point Advisors, Paulson Investment Company, Forest Securities, Landolt Securities, Workman Securities, Advanced Equities, William Blaire & Company, and Credit Suisse First Boston. His credentials include the passage of five securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; and the General Securities Representative Examination, or Series 7. He is licensed in California, Florida, Illinois, New York, and Texas. (Information current as of December 29, 2025.)

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